565 Quincy sees 50 sales following reductions on condos and lofts

Since cutting prices by 15 to 30 percent four months ago, Belgravia Group has sold 50 new homes at 565 Quincy. Those sales represent 40 percent of all new-construction sales in the downtown market and almost 80 percent of new-construction sales in the West Loop since the turn of the new year, according to Appraisal Research Counselors.

565 Quincy's lofts and condos now range in prices from the $150s to $350s. Most units come with a garage parking space. The building is approved for FHA-backed mortgages, allowing buyers to purchase a condo with a 3.5-percent down payment. Units are available for immediate occupancy, so buyers should have no problem closing on a unit prior to June 30, the deadline for federal tax credits for first-time and repeat buyers.